In a significant step towards boosting financial inclusion and advancing the formalization of Ghana’s economy, Vice President Dr. Mahamudu Bawumia has launched the National Credit Scoring System, branded as MyCreditScore.
This groundbreaking initiative aims to transform credit access for Ghanaians, providing a streamlined, cash-free way to make purchases and fostering a culture of financial responsibility.
The MyCreditScore system, which has been developed in collaboration with private sector partners, introduces a credit scoring model designed to make it easier for citizens to secure loans and financing.
By evaluating individuals’ creditworthiness based on payment history and financial habits, the system offers a more comprehensive approach to credit access, helping Ghanaians build and maintain credit profiles.
At the launch, Vice President Bawumia emphasized the system’s potential to empower citizens while benefiting financial institutions by promoting responsible lending practices.
He added that the initiative is expected to help reduce the high rate of Non-Performing Loans (NPLs) that currently affect financial institutions in the country.
With the MyCreditScore platform, Ghanaians can now make purchases and engage in financial transactions without requiring cash upfront.
This credit-based purchasing model is expected to ease the financial burden on consumers and enable them to build positive credit histories.
The system will be accessible to all Ghanaians, with financial institutions, lenders, and merchants encouraged to integrate MyCreditScore into their operations, making credit access more seamless across multiple sectors.
Dr. Bawumia highlighted that MyCreditScore aligns with the government’s broader vision of a digitized and inclusive economy, underscoring that the credit scoring initiative represents an important milestone in Ghana’s journey toward digital transformation and economic resilience.
#GhanaPolls2024
#ElectionBureau
#CitiVerify
